Communications of the ACM
The Father of Web3 Wants You to Trust Less
Blockchain...is effectively a social construct. It's a set of rules.
Credit: Gavin Wood
Gavin Wood runs the Web3 Foundation, which supports decentralized technology projects, as well as Parity Technologies, a company focused on building blockchain infrastructure for Web3.
To believers, Web3 represents the next phase of the Internet and, perhaps, of organizing society. At its most basic level, Web3 refers to a decentralized online ecosystem based on the blockchain. Platforms and apps built on Web3 won't be owned by a central gatekeeper, but rather by users, who will earn their ownership stake by helping to develop and maintain those services.
In an interview, Gavin Wood, who coined the term Web3 in 2014, discusses where Web 2.0 went wrong, his vision of the future, and why we all need to be less trusting. "One thing that Web3 brings that Web 2.0 cannot easily service is financial obligations or economically strong applications. This is where individuals in a peer-to-peer fashion can have economic services between themselves."
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